Aigen Investment Management LP Purchases New Shares in Cintas Corporation (NASDAQ:CTAS)

Key Points

• Aigen Investment Management LP acquired a new stake in Cintas Corporation (NASDAQ:CTAS), purchasing 8,138 shares valued at approximately $1.67 million in the first quarter of 2023.
• Cintas recently reported a quarterly revenue of $2.67 billion, exceeding analysts' expectations, with a net margin of 17.53% and a return on equity of 41.21%.
• The company plans to increase its dividend from $0.39 to $0.45 per share, indicating a commitment to returning value to shareholders.

Aigen Investment Management LP bought a new stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 8,138 shares of the business services provider's stock, valued at approximately $1,673,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. GAMMA Investing LLC increased its position in shares of Cintas by 19,644.3% during the 1st quarter. GAMMA Investing LLC now owns 2,263,091 shares of the business services provider's stock valued at $465,133,000 after purchasing an additional 2,251,629 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Cintas by 1.3% during the first quarter. Vanguard Group Inc. now owns 37,859,304 shares of the business services provider's stock valued at $7,781,223,000 after buying an additional 491,307 shares during the period. Northern Trust Corp boosted its position in shares of Cintas by 13.1% during the fourth quarter. Northern Trust Corp now owns 4,067,037 shares of the business services provider's stock valued at $743,048,000 after buying an additional 472,069 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Cintas by 26.7% during the fourth quarter. Ameriprise Financial Inc. now owns 2,228,609 shares of the business services provider's stock valued at $407,163,000 after buying an additional 468,950 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Cintas by 20.1% during the first quarter. JPMorgan Chase & Co. now owns 2,585,024 shares of the business services provider's stock valued at $531,300,000 after buying an additional 432,980 shares during the period. 63.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Cintas

In related news, Director Martin Mucci bought 1,200 shares of Cintas stock in a transaction that occurred on Monday, July 21st. The stock was acquired at an average price of $222.55 per share, with a total value of $267,060.00. Following the acquisition, the director owned 2,621 shares of the company's stock, valued at approximately $583,303.55. This represents a 84.45% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ronald W. Tysoe sold 5,084 shares of Cintas stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $223.47, for a total transaction of $1,136,121.48. Following the sale, the director directly owned 21,945 shares of the company's stock, valued at $4,904,049.15. The trade was a 18.81% decrease in their position. The disclosure for this sale can be found here. Insiders own 15.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CTAS. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $240.00 price target (up previously from $215.00) on shares of Cintas in a report on Monday, June 9th. UBS Group boosted their price target on Cintas from $240.00 to $255.00 and gave the company a "buy" rating in a report on Friday, July 18th. Robert W. Baird increased their price target on Cintas from $227.00 to $230.00 and gave the stock a "neutral" rating in a research report on Friday, July 18th. Morgan Stanley increased their target price on shares of Cintas from $213.00 to $220.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Finally, The Goldman Sachs Group raised their price target on shares of Cintas from $233.00 to $257.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $224.54.

Cintas Price Performance

CTAS traded down $0.57 during midday trading on Tuesday, hitting $223.31. The company had a trading volume of 1,467,165 shares, compared to its average volume of 1,498,182. The company has a market capitalization of $89.99 billion, a PE ratio of 50.64, a P/E/G ratio of 3.86 and a beta of 1.03. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.82 and a current ratio of 2.09. Cintas Corporation has a twelve month low of $180.78 and a twelve month high of $229.24. The firm's 50-day simple moving average is $221.32 and its 200-day simple moving average is $211.62.

Cintas (NASDAQ:CTAS - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The business services provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.02. Cintas had a net margin of 17.53% and a return on equity of 41.21%. The business had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same quarter last year, the firm earned $3.99 EPS. Cintas's quarterly revenue was up 8.0% compared to the same quarter last year. Equities research analysts predict that Cintas Corporation will post 4.31 EPS for the current fiscal year.

Cintas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.80 annualized dividend and a yield of 0.8%. This is a positive change from Cintas's previous quarterly dividend of $0.39. Cintas's payout ratio is 35.37%.

Cintas Company Profile

Cintas Corporation engages in the provision of corporate identity uniforms and related business services primarily in the United States, Canada, and Latin America. It operates through Uniform Rental and Facility Services, First Aid and Safety Services, and All Other segments. The company rents and services uniforms and other garments, including flame resistant clothing, mats, mops and shop towels, and other ancillary items; and provides restroom cleaning services and supplies, as well as sells uniforms.